Turquoise Hill Resources Ltd. shareholders endorsed a $4.24 billion takeover offer by Rio Tinto Group, paving the way for the London-based miner to gain control of one of the world’s largest copper mines.
About 60.5 per cent of Turquoise Hill’s minority investors voted in favor of Rio’s offer of $43 a share for the transaction to proceed, according to preliminary results from a shareholders’ meeting in Montreal. The all-cash deal required approval from two-thirds of Turquoise Hill investors — including Rio — and a majority of voting minority shareholders to succeed. Including Rio’s vote, the arrangement was approved with about 87 per cent support.
Rio had been seeking to acquire 49 per cent of the Montreal-based company that it doesn’t already own to secure majority ownership of Mongolia’s massive Oyu Tolgoi project, which is expected to become the world’s fourth-largest copper mine. Shares of Turquoise Hill rose 0.9 per cent to $42.91 at 12:51 p.m. in Toronto. Rio shares closed almost 1 per cent higher in London before the vote results were announced.
The results follow a tumultuous few weeks that saw the shareholder vote postponed three times as Rio worked to bolster support for the deal after two large investors, SailingStone Capital Partners LLC and Pentwater Capital Management LP, balked at the offer. A side deal struck between Rio and the institutional investors in November prompted Quebec’s securities regulator to start investigating, further delaying the process, until the agreement was scrapped and a new meeting date was set.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Turquoise Hill's Friday vote on Rio Tinto takeover bid is hard to callShareholders in Canada's Turquoise Hill will on Friday vote on a Rio Tinto $3.3-billion takeover offer that aims to give the Anglo-Australian miner more control over a giant Mongolian copper mine. The deal is far from a slam dunk. Rio, which owns 51% of Turquoise Hill, has been keen to buy out minority shareholders and its twice-sweetened cash offer of C$43.00 a share represents a 67% premium to the Canadian firm's stock price before its initial bid in March.
اقرأ أكثر »
Poilievre appears in rare Commons scrumConservative Leader Pierre Poilievre joined press gallery reporters on Dec. 7 in a rare scrum on Parliament Hill. Standing at the microphone before Question Period, it was Poilievre’s (Carleton, Ont.) first back-and-forth with the press in the House of Commons’ foyer in nearly two months. The nearly nine-minute Q&A went smoother than his last appearance on Sept. 13, days after he became leader, when Global News’ David Akin took issue with Poilievre’s team’s plan to not take questions during the availability. Since that testy exchange—as was the case during the seven-month leadership race—Poilievre’s interactions with media have been minimal and mostly with local reporters over parliamentary journalists. Conservative Leader Pierre Poilievre spoke with reporters on Dec. 7 in the House of Commons’ foyer about a RCMP contract awarded to China-linked company that is now under review, as well as the Bank of Canada interest rate hikes. The Hill Times photograph by Andrew Meade Asked about the Bank of Canada raising the benchmark interest rate to 4.25 per cent, Poilievre called it an ‘another uppercut for Canadians.’ The Hill Times photograph by Andrew Meade Poilievre said the Bank of Canada interest rate hike is ‘all because of the inflationary deficits and spending of [Prime Minister] Justin Trudeau. Even the Bank of Canada governor has said if deficits were smaller, inflation and interest rates would be lower.’ The Hill Times photograph by Andrew Meade Poilievre blamed the Bank of Canada interest rate hike on Trudeau, saying the ‘average Canadian is paying the price for that’ and suffering as a result. The Hill Times photograph by Andrew Meade Poilevre spoke to reporters for nearly nine minutes ahead of Question Period on Dec. 7. The Hill Times photograph by Andrew Meade The Hill Times
اقرأ أكثر »
Crescent Point to acquire Kaybob Duvernay drilling assets from Paramount ResourcesCrescent Point Energy Corp. says it has signed an agreement with Paramount Resources Ltd. to acquire additional Kaybob Duvernay assets for $375 million.
اقرأ أكثر »
Crescent Point to acquire Kaybob Duvernay drilling assets from Paramount Resources | Globalnews.caCrescent Point Energy Corp. says it has signed an agreement with Paramount Resources Ltd. to acquire additional Kaybob Duvernay assets for $375 million. YYC
اقرأ أكثر »
Crescent Point to acquire Kaybob Duvernay drilling assets from Paramount Resources - BNN BloombergCrescent Point Energy Corp. says it has signed an agreement with Paramount Resources Ltd. to acquire additional Kaybob Duvernay assets for $375 million.
اقرأ أكثر »
Mooney's Bay Hill will remain closed to tobogganers this winterA motion from Coun. Riley Brockington called on city staff to safely re-open the north-facing side of the hill for sledding this winter while keeping other sides closed. It failed by a vote of 11 yeas to 12 nays. ottnews
اقرأ أكثر »